featured

RIO DE JANEIRO— Brazil's state-owned oil company has received the equivalent of more than $20 million that was recovered as a result of an investigation into a corruption-kickback scandal engulfing Petrobras. The Federal Prosecutor's Office says in a statement that 69 million reals were returned to Petrobras on Friday. The statement says the amount...

More

NEW YORK, May 1- A unit of pharmacy benefits manager Express Scripts Holding Co will pay $45 million to resolve U.S. claims it participated in a kickback scheme with Novartis AG to boost sales of a drug that led to improper government reimbursements. The settlement with specialty pharmacy Accredo Health Group Inc was disclosed in court papers filed Thursday in...

BRASILIA, April 23- Royal Dutch Shell Plc has taken into account the risks presented by the Petrobras graft scandal to its expanding operations in Brazil and is confident the Brazilian state-run oil company will emerge stronger, Shell's CEO said on Thursday. Van Beurden briefed Brazilian President Dilma Rousseff for 1-1/ 2 hours on Thursday on his company's...

RIO DE JANEIRO, April 22- Brazilian state-run oil company Petrobras reported its biggest-ever loss on Wednesday, the result of a 50.8- billion-real write-down in the wake of a massive corruption scandal. A widening international probe of contract fixing, bribery and political kickbacks at the company, formally called Petroleo Brasileiro SA, led to lengthy...

Judge Sergio Moro also convicted black-market money dealer Alberto Youssef for laundering bribe money and sentenced him to nine years and two months in prison. It was initially the arrest of Youssef and then of Costa in March last year that set off the multibillion-dollar political kickback scandal, Brazil's biggest ever. Since the arrests of Youssef and...

ITABORAÍ, Brazil, April 20- For the 20 men hanging on at the Pousada do Trabalhador, a 600- bed boarding house on the dusty outskirts of this boom town northeast of Rio de Janeiro, the dream that Brazil's oil wealth would bring a better life was over. The men are the latest victims of Brazil's biggest-ever corruption scandal, a multi-billion dollar graft scheme...

CURITIBA, Brazil, April 15- Brazilian police on Wednesday arrested the treasurer of the ruling Workers' Party Joao Vaccari, moving an investigation of graft and political kickbacks at state-run oil company Petrobras closer to President Dilma Rousseff's inner circle. He said all campaign donations to the Workers' Party from the construction and engineering...

BEIJING, April 13- The former head of CNPC, China's top energy group, on Monday admitted his guilt and asked for leniency at the opening of his trial on charges of bribery and abuse of power, the latest in a string of top officials caught in an anti-graft campaign. Scores of senior figures in the ruling Communist Party, the military and state-owned enterprises have...

BEIJING, April 13- The trial of the former head of CNPC, China's top energy group, began on Monday, with charges of bribery, abuse of power and other corrupt practices making him the latest in a string of top officials hauled into court by an anti-graft campaign. Scores of senior figures in the ruling Communist Party, the military and state-owned enterprises have...

BRASILIA, April 9- State-run oil company Petrobras has purged corrupt managers and put a graft scandal behind it, while hitting record output levels from off-shore deposits, Brazil's President Dilma Rousseff said on Thursday. The indictment of former senior executives of Petroleo Brasileiro SA and the investigation of dozens of political allies of...

NEW YORK, April 2- A Boeing Co procurement official is among seven people who have pleaded guilty in a kickback scheme that involved giving confidential bidding information to suppliers to the aerospace company's satellite division, prosecutors said on Thursday. The Boeing official, Mark Allen of Boeing's Space and Intelligence Systems unit in El Segundo,...

NEW YORK, March 27- Two former executives of a defunct Wall Street broker-dealer were sentenced to prison on Friday for participating in a scheme to pay $5 million in bribes to an official at a Venezuelan state economic development bank in exchange for business. Benito Chinea, the former chief executive officer of Direct Access Partners LLC, and Joseph...

RIO DE JANEIRO, March 26- The former chief executive officer of Petroleo Brasileiro SA, Maria das Graças Foster, on Monday said she was ashamed of a corruption scandal at the state-run oil company but denied any knowledge of alleged widespread bribery. Foster, who resigned her post on Feb. 4, told a congressional committee in Brasilia that the company cannot be...

WASHINGTON, March 23- A former executive at Bechtel Corp was sentenced to 3-1/ 2 years in prison on Monday for accepting $5.2 million in kickbacks for state-run power contracts in Egypt. Asem Elgawhary, who lives in Maryland but was a general manager at a joint venture Bechtel ran with Egypt's state-owned electricity company, pleaded guilty in early December to...

SAO PAULO, March 20- Brazil's antitrust regulator has secured the cooperation of some engineering firms and executives in the first leniency agreement arising from a bribery scandal at state-run Petrobras, the agency said on Friday. The dozens of companies investigated by various agencies in the multibillion-dollar Petrobras scandal have urged Brazil's...

BRASILIA, March 18- Brazilian President Dilma Rousseff launched an anti-corruption offensive on Wednesday to counter rising discontent over a kickback scandal engulfing state-run oil company Petrobras that has implicated her allies and undermined her popularity. Her anti-corruption proposals, contained in bills submitted to Congress, include the...

RIO DE JANEIRO, March 11- Brazil's Petrobras will receive cash recovered by Brazilian authorities as a result of their investigation of contract-fixing, bribery and political kickbacks at the state-run oil company, court officials said in a statement on Wednesday. Barusco, who told Congress on Tuesday that he and the treasurer of the ruling political party...

*100 job roles to move to Singapore. SINGAPORE/ LONDON, March 11- Drugmaker GlaxoSmithKline will establish a new headquarters for Asia in Singapore to make quicker decisions for the region, a move that follows a recent rocky ride in China due to a damaging bribery scandal. GSK has over 700 office-based employees in Singapore and expects an additional 100 roles to...

March 11- Drugmaker GlaxoSmithKline said on Wednesday it was establishing a new global headquarters for Asia in Singapore, strengthening its presence in the city-state. Chief Executive Andrew Witty has made emerging markets a priority for GSK since taking over in 2008, but the drugmaker has had a rocky ride recently due to a damaging bribery scandal in China.

LONDON, March 6- Drugmaker GlaxoSmithKline, which was fined 3 billion yuan in China last year for bribery, is dismissing 110 employees in the country for misconduct, people familiar with the matter said on Friday. We also engaged an independent legal firm and external consultancies to review our operations in China, "GSK said. The company's annual report,...